HAMBURG, NY, July 26, 2018 – Evans Bancorp, Inc. (the “Company” or “Evans”) (NYSE American: EVBN), a community financial services company serving Western New York since 1920, today reported its results of operations for the second quarter ended June 30, 2018.
SECOND QUARTER 2018 HIGHLIGHTS (compared with prior-year period unless otherwise noted)
- Net income of $3.8 million, up 45%; Earnings per diluted share grew 43% to $0.77
- Net interest income increased 21% to $12.2 million
- Net interest margin of 3.89% increased 15 basis points
- Loan portfolio of $1.1 billion, up $16 million in the quarter, or 6% on an annualized basis
- Annualized growth of 29% on average core demand deposits
- Efficiency ratio improvement to 64.5% from 68.9%
Net income was $3.8 million, or $0.77 per diluted share, in the second quarter of 2018 compared with $3.3 million, or $0.68 per diluted share, in the first quarter of 2018 and $2.6 million, or $0.54 per diluted share, in last year’s second quarter. The increase over both comparative periods primarily reflects higher net interest income due to loan growth and net interest margin expansion. Return on average equity was 12.39% for the second quarter of 2018 compared with 11.15% in the first quarter of 2018 and 9.13% in the second quarter of 2017.
“Our results reflect another strong quarter of performance, providing solid momentum for the first half of the year as we continue to execute our growth strategy,” said David J. Nasca, President and CEO of Evans Bancorp. “We have focused on investing in our business and operations to support our clients and expand key business lines beyond commercial and retail banking. Our recently announced third quarter acquisition of the Richardson & Stout Insurance Agency will expand our management bench strength and geographic footprint while also positioning us for future growth in employee benefits and municipal banking.”
This is a preview of the full press release. To view the full earnings release and tables, click here to visit evansbancorp.com.